The Rise of Project Portfolio Management Market: A $13.7 billion Industry Dominated by Oracle, Smartsheet, Microsoft | MarketsandMarkets™

Delray Beach, FL, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The Project Portfolio Management Market is expected to grow from USD 7.8 billion by 2024 to USD 13.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, according to a new report by MarketsandMarkets™.

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Project Portfolio Management Market Dynamics:

Drivers

Surging demand for advanced PPM tools due to growing project complexities

Need for enhanced return on investment (ROI)

Increasing demand for holistic view of resource management and project operations

Restraints

High implementation costs

Resistance to change within organizations

Data security and privacy concerns

Opportunities

Adoption of cloud-based solutions

Rising demand for digital transformation

Adoption of AI-driven tools

List of Top Project Portfolio Management Companies

Oracle (US)

Smartsheet (US)

Microsoft (US)

Asana (US)

ServiceNow (US)

Planview (US)

SAP (Germany)

Atlassian (Australia)

Wrike (US)

Monday.com (Israel)

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The expansion of the project portfolio management (PPM) industry will be fueled by the rising demand for projects to align strategically, AI and automation developments, the surge in remote work and digital collaboration tools, and the increasing use of PPM solutions in various sectors like IT, construction, finance, and healthcare to enhance resource distribution and guarantee project success.As per offering, the solutions segment holds the largest share during the forecast period.

PPM solutions are software tools that help organizations efficiently manage projects and portfolios. Such solutions provide the functionality for project planning, resource ...